All Forum Posts by: Philip Bourdon

Hi.

I had my first prospective buyers look at the MH that I just picked up for $2750. One is a engaged couple that is not in a great hurry and whose Dad would help out to pay cash (and whose Dad may also look the place over.

The second prospect is a lady that is 8 months pregnant with two kids whose brother lives in the Park and whose Mom lives right next to it; very motivated.

Of course, I will do a background and credit check on her (anyone use the one that Josh has suggested?). If her numbers are OK (salary included), she is offering $1000 down on my Cash sale price of $5500. She claims that she has a significant tax return coming, perhaps in February (almost 5K seems awfully high. How could I verify this? See her tax return?)

I would have charged her 12.75% interest if she needed financing for between 24-36 months. How would I work it out in the contract if she could pay me off so soon? I'm a little confused about a monthly charge (would that start 60 days after the sale?) and a balloon payment. Any suggestions on how to structure it?

Thanks,

Philip

Thanks Tod and Greg. I already have a reasonable quote from Foremost; I appreciate your advice.

William, I shall check out the other; thank you

Hi Marc. Whether it's a response to me or someone else, I always appreciate your giving spirit and knowledge.

I did talk to several Notaries and they all said that part of their fee would be registering the title with the Penn DMV. Getting through to the DMV is more than difficult (at least to a human being).

I am feeling that since this is my first, I don't mind a bit extra cost (splitting with Seller). I'd rather go through an "official" procedure and cover my behind just in case.

I imagine that each state has different procedures.

Thanks again.

Philip

Thanks also for a reply to another post

Hi. The title is my question. Who offers it and who has low rates?

First, on a probable MH purchase I discovered back taxes for this years and last, totaling $996. The seller's husband did die about three years ago, so when I informed her of it and mentioned that I could understand, she asked if that amount could come off the sales price; yes indeed. Of course, I'll pay those amounts that very day.

BUT, I did find that her name came up as an heir in a mortgage foreclosure (late husband). I haven't found the address yet, but in online county records, the latest recorded act (1/31/2011)said "Sheriff's Return Writ Stayed." Of course, I'll talk to her today to get her side, but my concern is can the foreclosure produce a lien on personal property, namely the MH?

Here I am about to purchase a MH (for which I have a number or prospective buyers). I am assuming that using a local notary is the best approach. Won't they register the title with the DMV?

Also. What about insurance in the interim period?

Thanks,

Philip

Hi. Here I am with my first purchase at $2750 for an older, but nice 2/1. I have five potential buyers, three of whom want to pay cash (my cash price is $5500), the other two would put down 2K! One of those would pay $1/month.

The seller hasn't moved out yet, so no one has seen it. BUT, here is what I am wondering. I was offering financing. How is it that so many want to pay cash? Is Greater Pittsburgh different from other areas? I thought (as I heard Lonnie say at the conference I went to last month) that the buyers don't have the cash and need the financing.


If I can sell for around 5K here, I will take it in a heartbeat vs. taking in near 7K over 36 months or so. I'm not complaining! I'm just wondering if things have changed and more folks have enough money. What are the rest of you finding?

At this time we are still about two weeks away from the scheduled closing. However, with the holiday and such, I have not been able to show the home at all. YET, I have about 5 potential buyers; most are ALL CASH. We shall see.

Hello Karen. You say:

First of all, in Lonnie Deals, there should be little to no fixing up; buy as is and sell as is.

Secondly, does one need to be a Millionaire in order to be "rich" or at least very well off? I'm not disputing anything you say about MHPs, but assuming a REI has more than one venue, making $100k or more with Lonnie Deals isn't exactly too "shabby!" that's one of Lonnie's favorite words. LOnnie Deals are a great way to start and make some serious dough, but any intelligent investor won't just do that.

Thanks Jon and Mike for your gracious feedback. I will make "mistakes," but they will be learning experiences. The key is to keep at it consistently.